KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Senior Vice President (SVP) Saquib Fayyaz Magoon has said that the business, trade and industrial community is in a state of shock and disbelief at a threefold increase in container terminal charges. The terminal fee has gone up since Karachi Gateway Terminal Limited (KGTL) took over the management of the container termin
ISLAMABAD: Cnergyico Pk Limited, the country’s largest refiner, is eyeing more than $1 billion in investment following the introduction of a new government policy aimed at stimulating the industry. Following its investment, Cnergyico plans to enhance its production of Euro-V compliant motor gasoline and high-speed diesel, simultaneously decreasing its furnace oil output in response to its decli
ISLAMABAD: Pakistan has decided to follow the Turkish model through outsourcing the management of power distribution companies (DISCOs) in an attempt to reduce losses, bring efficiency and attract investment. To adopt the Turkish model, the government of Pakistan has agreed with the International Monetary Fund (IMF) that it will engage a transaction adviser for long-term concessions by the end
KARACHI: Moody’s Investors Service has left Pakistan’s long-term issuer rating unchanged at ‘Caa3’, suggesting the country is facing high credit risk, as doubts arise over the new government’s ability to swiftly negotiate a new International Monetary Fund (IMF) loan programme after the current one expires in April 2024. The global rating agency maintained a ‘stable outlook’ on the credit rating
Alibaba-owned e-commerce platform Daraz Group has announced layoffs across the group to “adopt a more streamlined and agile structure”, acting Chief Executive Officer James Dong said on Tuesday in an internal memo to employees reviewed by Reuters. The memo did not mention the number of people affected by the layoff. Daraz declined to comment on the percentage or absolute number of employees imp